US food group Pinnacle Foods today (6 March) reported that it was back in the black in 2012 after lower charges boosted its bottom line.
2012 net profit rose to US$53m, up from a 2011 loss of 47m. In 2011 the group was hit bu post tax charges of $156m, while in 2012 charges totalled $51m, the group revealed in a regulatory filing.
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Operating profit rose to $284m, after charges of $66m, compared to year-ago EBIT of $183m, including charges of $192m.
Full-year sales were broadly flat, edging up to $2.48bn compared to $2.47bn in the comparable period last year. The company benefited from an extra week of trading in 2012, which contributed approximately 1% to gains.
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